These terms and conditions will serve as a basis of your relationship with us, Axalio Digital Services (Pty) Ltd (“Axalio or Axalio Digital”). By choosing to open an account with us, you agree to the terms and conditions contained herein. You also confirm that you have provided us with the accurate and complete information required to create your account and that you have supplied all documentation, photographs and information that allow us to comply with our regulatory obligations.
If you do not agree to these terms and conditions, please do not proceed and exit the application immediately. Also, please be informed that we can terminate your relationship with us if we believe that you have violated any of these terms.
Axalio is a full service digital financial technology platform that is duly incorporated in South Africa in compliance with the CIPC with registration number: 2020/480918/07. Our registered address is at 61 Katherine Street, First Floor, Sandton 2191, Johannesburg, South Africa.
Objective of relationship
The objective of establishing a relationship with Axalio is to receive special services on offer by Axalio for its customers. Axalio will manage an account for the customer, as well as provide additional services like the wealth management, derivative products, digital assets or crypto based products, banking, savings and granting of credit facilities where in the offering of these services is allowed under a fully registered license and regulated by the local financial authorities to Axalio or its partners.
You can operate and manage your account via our Axalio app – soon to be launched – and the prerequisite for opening an account is a smartphone, with an active phone number, that meets our minimum technology requirements for operating system (iOS/Android) and supports the latest version of our Axalio app, or via a web front end with access to internet.
When are these terms applicable?
These terms are applicable when you choose to open an account with Axalio and Axalio generates an account number for you
We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on our website and our app. You will be able to access the latest version of our terms at any given time.
What is the scope of the relationship between Axalio & the customer?
Opening an Account
You can open an account with us on the condition that you are at least 18 years old, an African citizen, meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with people who don’t meet these conditions.
When you choose to open an account, you agree to us using your information to make and receive payments on your behalf through your Axalio account. If you would like us to stop doing this, we would have to close your account.
Verifying your identity
Banking regulations require us to verify your identity before we can open an account for you. At the very least, there needs to be an active phone number, your profile picture, and your verifiable address information. With more information supplied, such as valid identification documents, we will be able to open an account without any restrictions.
In line with regulations, we perform due diligence on all accounts, so it is your responsibility to keep your mailing address, email address, physical address, and other contact information up to date in your profile.
By opening an account with us, you consent to receiving text (SMS), email and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss, or damage because of unauthorised access to the information sent.
You agree to indemnify Axalio against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed, or suffered by Axalio as well as against all actions, proceedings, or claims (including attorney’s fees) whether civil or criminal, which may be brought against Axalio by reason of such notifications.
When things go wrong
To protect your money, we need you to keep your password, phone, and PIN safe always. If you lose your PIN or spot any suspicious transactions on your account, please inform us as soon as possible. You are responsible for maintaining the security and confidentiality of your passwords, PINs, or any other identifier that you use to access your account and our services. Use a strong password and a unique code as your transaction PIN and limit its use to your Axalio account. Do not allow anyone to have or use your password or transaction PIN details. If you share these details, we cannot and will not be liable for any loss or damage arising from your failure to comply.
Closing an account
You can close your account at any time and at no cost. If you’d like to do this, please get in touch with us. You will, however, remain liable for any obligations related to your account with us. Once the account is closed, you will not be able to access any Axalio services.
We reserve the right to close, suspend, freeze, or limit access to your account, if:
- The information we obtain from you does not comply with regulatory requirements.
- You do not meet, or are in breach of, the terms and conditions contained herein.
- You create risk or possible legal exposure to us.
- We are required to do so by law; or
- There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with your Axalio account.
Please note that the list above is not exhaustive.
We are required to comply with the international sanction laws and regulations issued by the United States of America’s Office of Foreign Assets Control (OFAC), European Union (EU), United Nations (UN), the United Kingdom’s Treasury (HMT) ,as well as local laws and regulations applicable to issuing banks, including those issued by African central or reserve banks in regions we operate from. Therefore, we reserve the right to terminate your account without incurring any liability. We are also under no obligation to make any payment under, or otherwise to open this account if you violate any OFAC, EU, UN and HTM sanctions or there is involvement by any person (natural, corporate or governmental) listed in the OFAC, EU, UN, HMT or local sanctions lists, or any involvement by or nexus with Cuba, Sudan, North Korea, Iran or Myanmar or such other countries as may be included from time to time in the sanctions list, or any of their governmental agencies.
In addition, Axalio is required to comply with all laws in jurisdictions where we operate from, including the rules, regulations, guidelines, circulars, and letters issued by the central banks within those regions and other regulatory bodies from time to time.
By opening this account, you consent to us processing your personal information:
- to provide products and services to you in terms of this agreement and any other products and services for which you may apply;
- to carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);
Marketing and Promotion
We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about Axalio products and services. You can unsubscribe from our newsletter using the link provided for the purpose in each newsletter we send.
By choosing to proceed, you agree that you understand that you are opening an account with Axalio Digital Services (Pty) Ltd and that all the information you have supplied is for this purpose. You agree to abide by the above listed terms and conditions, which govern our operations. You also agree that the information supplied is true and correct. By opening an account with us, you consent to our carrying out of regular identity and fraud prevention checks.
Finally, you agree to indemnify the Axalio for any loss suffered as a result of any false information or error in the information you have supplied us.